Reserve Dollar

Token

United

Reserve

Wyoming Governor Mark Gordon recently took the stage at the Wyoming Blockchain Symposium to discuss how the state was embracing blockchain innovation and highlighted plans for a state-issued dollar-pegged stablecoin on track to launch in 2025.
According to Gordon, who is Chairman of the Wyoming Stable Token Commission, the state is currently working on backing the stablecoin tokens through US Treasury bills and repurchase agreements. It will then reach out to exchange partners for listing sometime in Q1 2025.
<h2 id="a-collapsing-centralized-system-based-on-money-printing">A collapsing centralized system based on money printing</h2>
Gordon framed the conversation around government overreach in the form of bailouts following the 2007-2008 financial crisis caused by mortgage-backed securities and the issuance of high-risk debt instruments by institutions:
<blockquote>
 "There was a time before 2008 when capitalism was really important and that meant failure could happen. Somewhere around the 2008 time frame, we made a decision that too big to fail is something that the government was going to stand behind."
</blockquote>
The Wyoming governor continued by explaining that this "too big to fail" approach is contrary to the dominant ethos in Wyoming, which sees risk as a prerequisite for real growth. Gordon then stressed the importance of a "first mover" advantage and how Wyoming's proactive stance on digital asset regulations primes the state to capture the growth from digital assets.
Related:<a data-ct-non-breakable="null" href="https://cointelegraph.com/news/wyoming-mayor-cheyenne-ai-government" rel="noopener noreferrer nofollow" target="null" text="null"> Wyoming mayoral candidate wants to run capital city with AI bot</a>
This brought the pro-crypto governor to the topic of the Federal Reserve banking system, which he characterized as a "drag on innovation," pointing out the failed history of the previous two central banks in the United States under the Madison and Jackson administrations.
<h3 id="potential-challenges-to-a-state-issued-dollar-stablecoin">Potential challenges to a state-issued dollar stablecoin</h3>
Wyoming established the<a data-ct-non-breakable="null" href="https://cointelegraph.com/news/stablecoin-wyoming-seeks-stable-token-commission-head-in-first-step-to-state-stablecoin" rel="noopener noreferrer nofollow" target="null" text="null"> Stable Token Commission</a> in July 2023, though the stablecoin initiative was<a data-ct-non-breakable="null" href="https://cointelegraph.com/news/wyoming-lawmakers-introduce-legislation-for-state-issued-stablecoin" rel="noopener noreferrer nofollow" target="null" text="null"> first proposed</a> in a February 2022 bill. When the bill was introduced, Governor Gordon vetoed it, arguing that there was not enough information or a solid business plan in place to push through the proposal.
The proposal also sparked a debate regarding<a data-ct-non-breakable="null" href="https://cointelegraph.com/news/wyoming-stablecoin-digital-currencies" rel="noopener noreferrer nofollow" target="null" text="null"> central bank competition</a> and a potential conflict between the state-issued dollar tokens and the Federal Reserve Bank. Industry executives like Brent Xu, CEO of Umee, predicted that private stablecoin issuers will come into conflict with the Fed. Conversely, Wyoming Senator Chris Rothfuss argued that a state-issued, dollar-pegged token would not compete with the central bank, which issues the underlying assets the state-issued digital token would represent.
Magazine:<a data-ct-non-breakable="null" href="https://docs.google.com/document/d/1GRNztIvIJBtLmgACW6KDKt5Q3CKGeiYcsXVZxh6FSqM/edit" rel="noopener noreferrer nofollow" target="null" text="null"> AI may already use more power than Bitcoin — and it threatens Bitcoin mining</a>

Wyoming stablecoin may launch Q1 2025 —Governor Mark Gordon

Table of Contents

Cointelegraph

Autres articles publiés le 21 août 2024

Bitcoin Infinity Day Gains Momentum, Impact Reflected

Bolstering the Future: Celebrating Innovation and Financial Inclusion at the 15th Edition Connect...

Massive Cardano (ADA) Update Scheduled for Later This Month: Here’s What You Need to Know

Polygon’s MATIC to POL Token Migration on September 4: Everything You Need to Know

📢✨ We're excited to announce new and interesting tasks for this week's Bounty program cycle!

Find Why MoonBag Is Best Crypto Presale While Exploring SHIBASHOOT’s & DOGE’s Growth

Join our free newsletter for daily crypto updates!